Transcript 45min Financial Aid Basics Presentation

Got Money?
To pay for college?
Where does the money go?
GOOD QUESTION…
I’M GLAD YOU ASKED!
Where is my money going when I pay for
college?
What am I actually paying for?
5 Basic Cost Components
1.
2.
3.
4.
5.
Tuition & Fees
Rooms & Board
Books & Supplies
Personal Expenses
Travel
Acceptme University
(In-State)
Fall Sem Spring Sem Yearly Total
Tuition & Fees
$1906
$1905
$3811
Loan Fees
$100
$103
$203
Room and Board
$2971
$2970
$5941
Books & Supplies
$200
$200
$400
Transportation
$413
$412
$825
Miscellaneous Fees
$592
$591
$1183
TOTAL
$6182
$6181.00
$12,363
Transfer Community College
Tuition
Tech
Fee
Activity
Fee
Total Per
Semester*
Total Per
Yr*
$600.00
$24.00
$24.00
$653.00
$1306.00
Note: Comm. College Students CAN apply for financial aid!!
Can You Name the Types of
Financial Aid Available?
Types of Financial Aid
Available
1. Scholarships
2. Grants
3. Loans
4. Work Study
• Scholarships = Free Money
• Often awarded for excellence—in
academics, athletics, the arts, community
service, etc.; however not always!
• Students may have to maintain certain
requirements to keep or renew the
scholarship.
• No Limits!
• Do research! Apply to as many as you can!
• Grants= Free Money
• Usually given on a need-basis. Family and
student income is often considered.
• Loans = Borrowed Money
• .Loans must be repaid by the person taking
out the loan.
• If it is the student, repayment usually begins
after graduation from college.
•Work Study = Job
•allows students to earn money from a (parttime) job (usually on-campus) to pay for their
education.
•FAFSA is required to determine eligibility
How can I get these types of
financial aid?
Free
Application for
Federal
Student
Aid
[www.fafsa.gov]
What
is it?
• used to apply for federal student financial
aid such as grants, loans, and work-study.
• In addition, most states and schools
(college/universities) use information
reported on the FAFSA to award students
additional financial aid.
•EFC
What
is it?
• Expected Family Contribution.
• The EFC is a measure of your
family’s financial strength, and is
used to determine your eligibility
for federal student aid.
‫‪How much money$$$$ am‬‬
‫?‪I eligible to receive‬‬
‫‪Cost of‬‬
‫‪Attendance‬‬
‫‪ EFC‬ـــــــ‬
‫ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ‬
‫‪= Financial Need $$$‬‬
How much money$$$ am
I eligible to receive?
Sample scenario:
Student Z applies to NC State University and is
accepted! Student Z has also completed the
FAFSA and received an EFC of $2000.
How much money is Student Z eligible to receive
from the federal government?
Answer…
• To find the answer, take NC STATE’S cost
of attendance and subtract Student Z’s
EFC:
$16, 767
‫ ـــــــ‬$2000
‫ـــــــــــــــــــــــــــــــــــــــــــــــــــــــ‬
= $14,767
(Student Z is eligible to receive UP TO this amount
in federal student aid)
After the FAFSA…
• “Congratulations, you have successfully
submitted your FAFSA.”
• Print and keep track of everything!!
• Your Student Aid Report shows the exact
info you reported on the FAFSA. It will
show your EFC. Be sure to carefully
review your SAR and make corrections if
needed.
After the FAFSA…
Now all you have to do is WAIT (patiently)
to receive your financial aid award letters
from the schools to which you’ve applied. ***
Once you receive all your letters, compare
them to see which school gives you a better
financial aid package. Pick a school & enroll!
CSS Profile:
Application to qualify for non-federal financial
aid. This money is distributed by the
institution itself in the form of scholarships,
grants, and fellowships.
Apply via collegeboard website
~NOTE: Only needed if applying to certain colleges/universities.
~Dates & Deadlines~
• Apply Early!!!!!
• January 1st Earliest you can submit
FAFSA.
• March 1st Date most universities want
FAFSA by.
• Be sure to contact your schools’ financial
aid administrator to find out their other
specific deadlines
Need Help
• Schedule an appointment
with your guidance counselor
• FAFSA Day Saturday,
February ??, 2012
• CFNC.org
QUESTIONS???